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Form 990-PF for Paterson New Jersey: What You Should Know
I hereby declare that the contributions received by the private foundation in the year 2023 will be used for charitable purposes primarily in support of education for the benefit of children. I further declare that income shall not be included with the income of the private foundation in respect to any year from 2023 to 2023 and thereafter for purposes of this report. 2. No deductions for Federal income or for State or local income tax, Federal estate tax or transfer taxes, as a result of the contributions received are allowable under the laws of the United States or of the State in which the foundation is located. 3. Any contributions received by the foundation in the year 2023 which may qualify for the gift tax exemption under Section 170 should be reported under Section 170. 4. If the foundation makes a gift of more than 250,000 in a taxable year, the foundation shall report the contribution or gifts under section 170 on Form 709. 5. If the foundation's net assets as of the end of the year exceed 1,000,000, the foundation shall report the distribution under section 219(c). 6. The value to be reported for a foundation's contributions by reason of Section 1001 in connection with Section 2052(d) of Title 26 of the U.S. Code is 250,000. This value was determined for a private foundation in the period of August 31, 2020, to the end of the fiscal year, ending on August 31, 2021. The value to be reported by reason of Section 2001(f) in connection with Section 2052(d) of Title 26 of the U.S. Code, or by reason of section 501(c)(6) in connection with Section 7032(b) of Title 26 of the U.S. Code, is 250,000. This value was determined for a private foundation in the period of August 31, 2020, to the end of the fiscal year, ending on August 31, 2021. 7. A private foundation may elect to report all or a portion of its contributions to Forms 990-EZ and 990PF, and Form 990. 8. A private foundation may elect to report all or a portion of its contributions for any year on Form 990PF. The choice in this matter may be made on the form. 9.
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